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Topic: another shocker (Read 1169 times)

i have no idea why, every morning, the news causes me to sit in front of my computer with my mouth hanging open, but here is another shocker.there is more in this article. i just pulled a couple of paragraphs.add this info to geithners request for expanded powers of the government to take over companies the government thinks are or may fail.

But now, in a little-noticed move, the House Financial Services Committee, led by chairman Barney Frank, has approved a measure that would, in some key ways, go beyond the most draconian features of the original AIG bill. The new legislation, the "Pay for Performance Act of 2009," would impose government controls on the pay of all employees -- not just top executives -- of companies that have received a capital investment from the U.S. government. It would, like the tax measure, be retroactive, changing the terms of compensation agreements already in place. And it would give Treasury Secretary Timothy Geithner extraordinary power to determine the pay of thousands of employees of American companies.

In addition, the bill gives Geithner the authority to decide what pay is "unreasonable" or "excessive." And it directs the Treasury Department to come up with a method to evaluate "the performance of the individual executive or employee to whom the payment relates."

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.....The greatest changes occur in their country without their cooperation. They are not even aware of precisely what has taken place. They suspect it; they have heard of the event by chance. More than that, they are unconcerned with the fortunes of their village, the safety of their streets, the fate of their church and its vestry. They think that such things have nothing to do with them, that they belong to a powerful stranger called the government. They enjoy these goods as tenants, without a sense of ownership, and never give a thought to how they might be improved.....

"This bill will show which Republicans are so much on the take from the financial services industry that they're willing to actually bless compensation that has no bearing on performance and is excessive and unreasonable," Grayson said. "We'll find out who are the people who understand that the public's money needs to be protected, and who are the people who simply want to suck up to their patrons on Wall Street."

Now that is one of the most idiotic justifications for taking such action as one can contemplate. We are definately on our way back to the middle ages, a time of Lords and Serfs. The Elite will determine how much you can have, that is slavery disguised as socialism. Barney Frank definitly is not living up to oath of office and should be empeached or voted out of office.

The more I see, the more I'm sure that whether the United States survives as a nation or not will depend upon what happens in the next 5 years and whether Acorn can get Obama reelected. If relected Obama is going to A la Chavez American into another Venezuela.

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Life is a school. What have you learned? :brian: The greatest danger to our society is apathy, vote in every election!

Due to equal time constraints, I shall leave the following space for Liberal responce.

There. Our obligation to those who choose NOT to comment from the left has been alloted fair space in this forum's post. Anyone willing to rationalize the thinking on the left, feel free to do so by replying as politely and with equal passion as those above.

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Perhaps most disturbing, Corporate America is becoming a pay-for-failure economy for its top executives and a Darwinian existence for everyone else. There's something wrong in a world where former chief executives like Stanley O'Neal of Merrill Lynch, Charles Prince of Citigroup (C), and the retention bonus bunch at AIG (AIG) and others lose billions of dollars of shareholder money yet pocket millions on the way out.

Here's the rub: If corporate directors don't bring the CEO risk-to-reward ratio in line with other employees and the American entrepreneur, the danger is that Congress will do it for them. That would be a huge mistake. But at that point the big brains that inhabit America's boardrooms will have no one to blame but themselves.

I have to say I agree with this statement

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Little John_________________________________________

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Quote from chronicle of Marcus Lucanus of the Roman civil war: Caesar said :"Here I abandoned peace and desecrated law; fortune it is you I follow. Farewell to treaties. From now on war is our judge!Caesar men cheered :" Hail Caesar! We who are about to die salute you!